Global uncertainties are likely to weigh on salaries in Australia, with wage growth seen slowing after a faster-than-expected increase in the first quarter, ANZ Research said in a Wednesday note.

The wage price index rose 0.9% in the March quarter, compared with a 0.7% increase in the preceding three-month period, official data showed Wednesday. The ANZ Research and market consensus was for a 0.8% print.

ANZ Research expects wages to grow at a slower rate from here as global uncertainties weigh on spare capacity in the labor market, per the report.

Separately, ANZ Research said recent progress in trade talks between the US and China may help boost activity in the property market.

Official data showed house lending, excluding refinancing, fell 1.6% in the first quarter. The number of loans approved also fell, with the total tally down 3.5%. This follows CoreLogic data suggesting sales volumes were soft in April.